Dubai may need help from Abu Dhabi to fund borrowing

From Bloomberg: Dubai may need help from Abu Dhabi and the United Arab Emirates government to finance a surge in borrowing that paid for the world’s tallest tower, palm tree- shaped man-made islands and stakes in banks worldwide.

Dubai’s “potential reliance” will be “most significant” in coming years, Moody’s Investors Service said in a report today. Government-controlled companies owe at least $47 billion, more than Dubai’s gross domestic product, and they will continue to accumulate debt at a faster pace than the economy grows, the New York-based rating firm said….. Full Article: Source